Partnership Receives $297M in Financing for Second Phase of The Peninsula Mixed-Use Project in The Bronx

by Taylor Williams

NEW YORK CITY — A partnership between Gilbane Development Co., Hudson Cos. and MHANY Management Inc. has received $297 million in financing to develop the second phase of The Peninsula, a mixed-use project in the Hunts Point neighborhood of The Bronx. Construction of Phase II is scheduled to begin later this summer and to be complete in 2026.

Phase II of The Peninsula will consist of 359 affordable housing units across two buildings, a 50,000-square-foot public plaza, open green space, a 155-space parking garage and a 20,000-square-foot community center. The site spans a full city block and formerly housed the Spofford Juvenile Detention Center. WXY Studios is the lead architect for the project.

The majority (312) of the residences will be reserved for households earning 60 percent or less of the area median income, and the remainder will be set aside for renters that were formerly homeless. Units will come in studio, one-, two- and three-bedroom floor plans. Residential amenities will include a fitness center, children’s play area, tenant lounge and outdoor terraces. The development team is now accepting resident applications.

Phase I of the development was completed in 2022 and comprises 183 affordable housing units, a 14,000-square-foot cultural arts center and 57,000 square feet of light industrial space. The third of those components houses space that supports local food-and-beverage entrepreneurs like bakers, coffee roasters, caterers, pastry operations, beverage manufacturers and prepared food producers. This facility will also house a performance theater and daycare facility.

The New York City Department of Housing Preservation & Development, along with the New York City Housing Development Corp. and Wells Fargo, provided the financing. A specific breakdown of which entity provided what pieces of the capital stack was not disclosed.

Full build-out of The Peninsula is scheduled for 2029. At completion, the development will comprise 740 affordable housing units; 10,720 square feet of retail space including a grocery store; 52,300 square feet of community facility space; Inspiration Point’s cultural arts center; and a wellness center operated by Urban Health Plan. These uses will be housed within five buildings. Additionally, the development will offer 57,000 square feet of open green space and 260 underground parking spaces across two garages.

“We are thrilled to finalize the financial close on the next phase of this project, which represents the ongoing commitment in our mission to develop dynamic communities and providing the Hunts Point neighborhood with much-needed affordable housing,” says Ed Broderick, president and CEO of Gilbane Development Co. “The Peninsula is not just about putting up buildings; it’s about creating a vibrant community where the Hunts Point community individuals and families can flourish for many generations.”

— Taylor Williams

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